"The issue isn't how much money the business of basketball makes. The issue is that basketball isn't a business in the first place.  Forbes magazine annually estimates the value of every professional franchise, based on standard financial metrics. When sports teams change hands, however, the actual sales price is invariably higher. Forbes is evaluating franchises strictly as businesses. But they are being bought by people who care passionately about sports — and the $90 million premium that new owners were willing to pay represents the psychic benefit of owning a sports team (not unlike the physic benefit of owning a rare painting].

Art collectors, tho, are honest about psychic benefits. They do not wake up one day, pretend that looking at a Van Gogh leaves them cold, and demand a $27 million refund.  But that is exactly what the NBA owners are doing. They are indulging in the fantasy that what they run are ordinary businesses — when they never were. An owner is only losing money if he values the psychic benefits of owning an NBA franchise at zero — and if you value psychic benefits at zero, then you shouldn't own an NBA franchise in the first place."

The owners, with a few exceptions, spend like drunken sailors, both on franchise stars and middle class role players, all for the psychic benefit of a championship, then suddenly wake up and "demand a $27 million refund." Feh. The player's would be wise to bend but the owners are seeking rescue from their own folly.  Read tho whole thing,. you'll see what I mean. http://www.grantland.com/story/_/id/6874079/psychic-benefits-nba-lockout